Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024, with a proposed final dividend of 0.10 HKD per share [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, reflecting a growth of 20.0% year-on-year [3] - The gross profit margin for 2024 slightly increased by 0.4 percentage points to 41.5% [5] - The company’s operating profit margin decreased by 0.8 percentage points to 15.6% due to increased provisions for accounts receivable losses and a decline in other income [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a net increase of 16 stores to a total of 5,750 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with a net increase of 105 sales outlets [4] Future Projections - The company expects to focus on the expansion of "361 Degrees Super Products" stores in 2025, aiming to enhance consumer experience with high-cost performance products [8] - Revenue projections for 2025-2027 are estimated at 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD, with year-on-year growth rates of 12.8%, 11.9%, and 11.0% respectively [8] - Net profit projections for the same period are 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% respectively [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025-2027 [8] - The company’s return on equity (ROE) is expected to be 12.8%, 12.3%, and 12.1% for the years 2025-2027 [10]
361度（01361）：2024全年派息率提升至45%，加快开设361度超品门店